Golden Ocean Group Limited (NASDAQ:GOGL) was the target of a large increase in short interest during the month of July. As of July 14th, there was short interest totalling 1,131,860 shares, an increase of 36.3% from the June 30th total of 830,525 shares. Based on an average daily volume of 267,682 shares, the short-interest ratio is presently 4.2 days. Approximately 1.7% of the company’s stock are short sold.
A number of research firms have weighed in on GOGL. BidaskClub raised shares of Golden Ocean Group Limited from a “hold” rating to a “buy” rating in a research report on Wednesday, August 9th. Nordea Equity Research raised shares of Golden Ocean Group Limited from a “hold” rating to a “buy” rating in a research report on Friday. Seaport Global Securities began coverage on shares of Golden Ocean Group Limited in a research report on Tuesday, June 13th. They set a “buy” rating and a $10.00 target price for the company. J P Morgan Chase & Co raised shares of Golden Ocean Group Limited from a “neutral” rating to an “overweight” rating in a research report on Tuesday, July 4th. Finally, DNB Markets raised shares of Golden Ocean Group Limited from a “hold” rating to a “buy” rating in a research report on Tuesday, July 4th. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. The stock has an average rating of “Buy” and an average target price of $8.75.
Golden Ocean Group Limited (NASDAQ GOGL) opened at 8.70 on Friday. Golden Ocean Group Limited has a 12-month low of $3.40 and a 12-month high of $9.05. The company’s market cap is $1.08 billion. The stock’s 50 day moving average is $7.26 and its 200 day moving average is $6.89.
Golden Ocean Group Limited (NASDAQ:GOGL) last announced its quarterly earnings results on Thursday, August 17th. The shipping company reported ($0.10) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.13) by $0.03. The company had revenue of $99.86 million for the quarter, compared to analyst estimates of $65.36 million. Golden Ocean Group Limited had a negative net margin of 26.08% and a negative return on equity of 5.71%. On average, equities analysts forecast that Golden Ocean Group Limited will post ($0.37) earnings per share for the current year.
Large investors have recently made changes to their positions in the stock. Two Sigma Securities LLC bought a new stake in shares of Golden Ocean Group Limited during the first quarter valued at about $123,000. Zacks Investment Management bought a new stake in shares of Golden Ocean Group Limited during the second quarter valued at about $118,000. Ameriprise Financial Inc. raised its stake in shares of Golden Ocean Group Limited by 10.7% in the second quarter. Ameriprise Financial Inc. now owns 19,106 shares of the shipping company’s stock valued at $128,000 after buying an additional 1,840 shares during the period. Highbridge Capital Management LLC bought a new stake in shares of Golden Ocean Group Limited during the first quarter valued at about $147,000. Finally, Dynamic Technology Lab Private Ltd acquired a new stake in Golden Ocean Group Limited during the first quarter worth $168,000. 11.93% of the stock is currently owned by institutional investors.
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Golden Ocean Group Limited Company Profile
Golden Ocean Group Limited, formerly Knightsbridge Shipping Limited, is an international dry bulk shipping company. The Company is engaged in the transportation of dry bulk cargoes. It owns and operates a fleet of dry bulk carrier vessels, focusing on the Capesize, Panamax and Supramax markets. Its vessels transport a range of major and minor bulk commodities, including ores, coal, grains and fertilizers.
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